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Chancellor of the Exchequer delivers his Autumn Statement

The Rt Hon George Osborne MP, Chancellor of the Exchequer

On Wednesday 25 November, the Chancellor George Osborne set out the Government’s spending plans up to 2020 in his combined Autumn Statement and Spending Review.  He said that it was the role of the Government to rebuild Britain, build our finances, build our defences and our society. This, he said, would ensure that Britain becomes the most prosperous and secure of all the major nations of the world. He continued: “And so we leave to the next generation a stronger country than the one we inherited. That is what the government was elected to do – and today we set out the plan to deliver on that commitment.”

Commenting on shale gas, the Chancellor stated that the Government will support the creation of the shale gas industry by ensuring that communities benefit from a Shale Wealth Fund, projected to invest up to £1 billion in the North and other shale producing areas over the next 25 years:

“The government will commit up to 10% of shale gas tax revenues to a Shale Wealth Fund, which could deliver up to £1 billion of investment in local communities hosting shale gas developments, in the north of England and other shale-producing regions. It will also give the Oil and Gas Authority additional powers to scrutinise companies’ offshore decommissioning plans and take action to ensure they represent value for money.”